ETF Research Center

The BioShares Biotechnology Products Fund seeks investment results that correspond, before fees and expenses, to the price and yield performance of the LifeSci Biotechnology Products Index.

FUND BASICS
Category	US Equities
Fund Sponsor	ETFis Capital LLC
Website	www.bioshares.com
Inception date	Dec 16, 2014
Assets (mns)	$37
Currency	USD
Expense ratio	79 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	41
Wgt avg mkt cap (mns)	$15,125
Large cap (>$10bn)	28.6%
Mid cap ($2-10bn)	39.5%
Small cap (<$2bn)	31.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	42.7 %
MEDICINES COMPANY	9.5 %
MOMENTA PHARMACEUTICALS INC	6.0 %
ACADIA PHARMACEUTICALS INC	5.3 %
SEATTLE GENETICS INC	3.9 %
ALNYLAM PHARMACEUTICALS INC	3.5 %
NEUROCRINE BIOSCIENCES INC	3.2 %
VERTEX PHARMACEUTICALS INC	3.0 %
HALOZYME THERAPEUTICS INC	2.9 %
ULTRAGENYX PHARMACEUTICAL IN	2.8 %
AMGEN INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.1 %
	CAYMAN ISLANDS	2.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.7%	24.7%	--	--	11.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.44	47%
MSCI EAFE	1.31	32%
MSCI Emg. Mkts.	0.94	29%

Technical Indicators
Recent close	$44.05
30d moving avg.	$43.74
Annualized volatility	25.4%
Short interest (ETF)	0.0%
Short interest (Underlying)	11.5%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.4%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$3,893

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the BioShares Biotech Products ETF based on the alternatives' overlap in portfolio holdings with BBP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BBP

Expense:

79 bp

ALTAR Score™:

-3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BBP
Ticker	Fund Name	Overlap¹ vs BBP (%)	Expense ratio (bp)	Savings vs BBP (bp)	ALTAR Score™ (%)	ALTAR vs BBP (%)
FBT	First Trust NYSE-ARCA Biotechnology	48.9	57	22	-0.7	+3.0
XBI	SPDR S&P Biotech ETF	40.4	35	44	-5.0	-1.3
BBH	VanEck Vectors Biotech	34.6	35	44	4.3	+8.0
IBB	iShares NASDAQ Biotechnology	31.5	47	32	1.0	+4.7
IEIH	iShares Evolved U.S. Innovative Healthcare	24.1	18	61	3.8	+7.4
BTEC	Principal Healthcare Innovators Index	22.8	42	37	-4.0	-0.3
FXH	First Trust Health Care Alphadex	19.2	63	16	6.7	+10.3
PBE	Invesco Dynamic Biotechnology & Genome	15.6	57	22	10.5	+14.2
PJP	Invesco Dynamic Pharmaceuticals	15.6	56	23	10.5	+14.1
LNGR	Global X Longevity Thematic	15.6	50	29	3.2	+6.9
GNOM	Global X Genomics & Biotechnology	15.3	68	11	-5.4	-1.7
QQXT	First Trust NASDAQ-100 Ex-Tech	14.5	60	19	4.8	+8.5
IDNA	iShares Genomics Immunology and Healthcare	13.7	47	32	-3.1	+0.5
IYH	iShares US Healthcare	11.2	43	36	5.9	+9.6
JHMH	John Hancock Multifactor Health Care	11.1	40	39	6.3	+10.0
VHT	Vanguard Health Care	11.1	10	69	5.5	+9.2
FHLC	Fidelity MSCI Health Care	11.0	8	71	5.5	+9.2
RYH	Invesco S&P Equal Weight Healthcare	10.9	40	39	6.7	+10.3
FTVA	Aptus Fortified Value	9.9	79	0	10.1	+13.8
SBIO	ALPS Medical Breakthroughs	9.5	50	29	-5.0	-1.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	BioShares Biotech Products
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-36.9	%
Divided by: Fwd. P/BV	12.8	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	-3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.